Making Tax Digital is a crucial part of the government’s proposal to help make it easier for individuals and businesses to get their tax correct through online software and staying up to date on their affairs.
From April 2019, businesses with a VAT threshold of £85,000 and over will be required to file their tax returns to HMRC, through appropriate accounting software. Whether you are a business owner, self employed or landlord, if you fall within the VAT threshold, you will have to keep digital records and provide quarterly updates to HMRC for VAT purposes.
We understand that sharing data online can cause major security concerns. However, to minimise any chance of this potential risk, we have put together our top tips on how to ease your concerns when it comes to Making Tax Digital.
Cardens Top Tips to Minimise Cybercrime
Invest in anti-virus software- installing and turning this on for all computers and devices will infect legitimate software/ prevent users from downloading unauthorised third-part apps.
Utilise strong passwords and change them often. Avoid using the same and easily guessable passwords. Also, use two-factor authentication for vital accounts.
Make sure the MTD software is up to date. The software provider can give updates
Encourage your team to report all cyber-attacks or potential risks. If you are unsure then consult an expert there and then!
Have a long-term plan for responding to cybersecurity attacks. This should include verification of the damage caused by the attack, reporting the incident to an appropriate national authority and finally testing your data backup and systems!
If you wish to discuss how Cardens can help you with Making Tax Digital, call us today on 01273 739592.